DeMark pointed out that other things were happening in the market, as well.

"The bond market produced a 'buy' signal two days ago," he said, adding that the Shanghai index was about to indicate a "sell" signal.

Trader disclosure: On Feb. 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long TBF; Steve Weiss is long RIMM; Steve Weiss is long AIG; Steve Weiss is long C; Steve Weiss is long PCAR; Jon Najarian is long CRR; Jon Najarian is long JPM; Jon Najarian is short CRR calls; Jon Najarian is short JPM calls; Jon Najarian is long IMAX; Jon Najarian is long ANN; Jon Najarian is long TER; Jon Najarian is long WHR.